Non-major bank MyState has cut the maximum interest rate on its Bonus Saver savings account by 25 basis points to 2.00% p.a.
The Hobart-based bank made the changes today, cutting the base rate on the account from 0.55% p.a to 0.30% p.a.
The bonus rate will remain at 1.70% p.a, as will the conditions to earn it:
- Deposit $20 or in more into your Bonus Saver Account each month
- Make five or more eligible VISA Debit card transactions from your linked account each month.
- Have a balance under $150,000
This is the second cut by the bank in just three weeks, after cutting its base rate on 1 November by 25 basis points from 0.80% p.a.
MyState also made significant cuts of up to 80 basis points on its investor and owner-occupier home loans last week.
After three cash rate cuts in 2019, many savings accounts rates are already at or approaching 0% p.a, leaving fewer options for savers.
|Provider||Total interest rate p.a.||Base interest rate p.a.||Bonus interest rate p.a.|
|Bonus Saver||2.00%||0.30%||1.70%||More details|
|Total interest rate p.a.||Base interest rate p.a.||Bonus interest rate p.a.|
*Data accurate as at 20 November 2019. Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rate, then by provider name (A-Z).
While each of these banks have made similar cuts of 25 to 35 basis points in recent months, they now offer some of the most competitive non-introductory savings account rates on the market:
The max rates listed above are also conditional upon meeting similar bonus criteria to that of MyState’s Bonus Saver account, such as:
- 86 400 Save Account: Deposit $1,000+ each month, balance under $100,000
- Up Saver: Make 5+ debit card or digital wallet purchases from your Up Everyday Account, balance under $50,000
- BOQ Fast Track Saver: Deposit $1,000+ each month to linked ‘Day2Day Plus’ transaction account, balance under $250,000
- UBank USaver with Ultra: Deposit $200+ each month into USaver Ultra or linked USaver account from a non-Ubank account, hold a USaver Ultra transaction account, balance under $200,000
- ME Bank Online Savings Account: Make 4+ tap & go purchases through your linked ME Everyday Transaction Account, balance under $250,000
MyState was approached for comment.
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